Emerging Markets Equity Portfolio
SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
| Common Stocks (95.5%) | Country | Shares/ Par + | Value $ (000’s) |
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| Communication Services (10.7%) |
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| Bharti Airtel, Ltd. |
India | 670,962 | 13,574 | |||||||
| Telkom Indonesia Persero Tbk PT |
Indonesia | 63,839,300 | 9,313 | |||||||
| Tencent Holdings, Ltd. |
China | 1,422,700 | 90,672 | |||||||
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| Total |
113,559 | |||||||||
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| Consumer Discretionary (17.6%) |
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| Alibaba Group Holding, Ltd. |
China | 3,051,900 | 50,602 | |||||||
| ANTA Sports Products, Ltd. |
China | 1,658,200 | 18,308 | |||||||
| Indian Hotels Co., Ltd. |
India | 1,433,779 | 13,183 | |||||||
| Li Auto, Inc. - Class A * |
China | 748,800 | 9,528 | |||||||
| Mahindra & Mahindra, Ltd. |
India | 484,798 | 15,075 | |||||||
| Meituan Dianping - Class B * |
China | 1,113,400 | 22,511 | |||||||
| MercadoLibre, Inc. * |
Brazil | 5,411 | 10,556 | |||||||
| Midea Group Co., Ltd. * |
China | 1,181,000 | 12,020 | |||||||
| Midea Group Co., Ltd. - Class A |
China | 1,001,066 | 10,854 | |||||||
| Talabat Holding PLC * |
United Arab Emirates | 24,944,850 | 9,622 | |||||||
| Trip.com Group, Ltd. |
China | 228,650 | 14,594 | |||||||
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| Total |
186,853 | |||||||||
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| Consumer Staples (3.7%) |
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| Fomento Economico |
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| Mexicano SAB de CV, ADR |
Mexico | 106,504 | 10,393 | |||||||
| Hindustan Unilever, Ltd. |
India | 251,433 | 6,641 | |||||||
| Kweichow Moutai Co., Ltd. - Class A |
China | 64,973 | 13,994 | |||||||
| Raia Drogasil SA |
Brazil | 2,534,471 | 8,461 | |||||||
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| Total |
39,489 | |||||||||
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| Energy (0.7%) |
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| PRIO SA * |
Brazil | 1,070,099 | 7,463 | |||||||
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| Total |
7,463 | |||||||||
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| Financials (22.7%) |
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| Abu Dhabi Islamic Bank PJSC |
United Arab Emirates | 3,520,206 | 15,384 | |||||||
| AIA Group, Ltd. |
Hong Kong | 1,990,000 | 15,043 | |||||||
| Al Rajhi Bank |
Saudi Arabia | 955,800 | 25,973 | |||||||
| Bank Negara Indonesia Persero Tbk PT * |
Indonesia | 68,599,000 | 17,387 | |||||||
| China Merchants Bank Co., Ltd. - Class H |
China | 2,465,500 | 14,508 | |||||||
| Cholamandalam Investment and Finance Co., Ltd. |
India | 692,929 | 12,297 | |||||||
| HDFC Bank, Ltd. |
India | 1,279,376 | 27,251 | |||||||
| ICICI Bank, Ltd. |
India | 1,618,318 | 25,499 | |||||||
| Itausa SA - Rights * |
Brazil | 101,015 | 53 | |||||||
| Itausa SA - Preference Shares |
Brazil | 7,337,683 | 12,151 | |||||||
| Kaspi.KZ Joint Stock Co., ADR |
Kazakhstan | 77,564 | 7,202 | |||||||
| National Bank of Greece SA |
Greece | 638,457 | 6,579 | |||||||
| Nu Holdings, Ltd. * |
Brazil | 1,039,092 | 10,640 | |||||||
| PICC Property & Casualty Co., Ltd. |
China | 9,811,900 | 18,167 | |||||||
| Common Stocks (95.5%) | Country | Shares/ Par + | Value $ (000’s) |
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| Financials continued |
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| Sanlam, Ltd. |
South Africa | 2,171,589 | 9,772 | |||||||
| Sberbank of Russia PJSC Æ |
Russia | 1,471,064 | – | |||||||
| SBI Life Insurance Co., Ltd. |
India | 751,800 | 13,562 | |||||||
| Shinhan Financial Group Co., Ltd. |
South Korea | 277,343 | 8,856 | |||||||
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| Total |
240,324 | |||||||||
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| Health Care (2.2%) |
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| J.B. Chemicals & Pharmaceuticals Ltd. |
India | 286,065 | 5,410 | |||||||
| Shenzhen Mindray Bio- Medical Electronics Co., Ltd. - Class A |
China | 162,215 | 5,260 | |||||||
| Torrent Pharmaceuticals Ltd. |
India | 340,505 | 12,799 | |||||||
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| Total |
23,469 | |||||||||
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| Industrials (8.9%) |
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| Contemporary Amperex Technology Co., Ltd. - Class A |
China | 651,989 | 22,851 | |||||||
| Grupo Aeroportuario del Sureste SAB de CV - Class B |
Mexico | 351,650 | 9,627 | |||||||
| Havells India, Ltd. |
India | 533,249 | 9,522 | |||||||
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. |
South Korea | 118,442 | 16,257 | |||||||
| InPost SA * |
Poland | 401,310 | 5,906 | |||||||
| NARI Technology Co., Ltd. - Class A |
China | 3,814,898 | 11,546 | |||||||
| Samsung C&T Corp. |
South Korea | 85,731 | 6,850 | |||||||
| Samsung E&A Co., Ltd. |
South Korea | 505,105 | 6,851 | |||||||
| Shenzhen Envicool Technology Co., Ltd. - Class A |
China | 816,300 | 4,418 | |||||||
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| Total |
93,828 | |||||||||
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| Information Technology (19.5%) |
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| Accton Technology Corp. |
Taiwan | 558,000 | 9,862 | |||||||
| Delta Electronics, Inc. |
Taiwan | 920,000 | 10,141 | |||||||
| Globant SA * |
United States | 73,795 | 8,687 | |||||||
| MediaTek, Inc. |
Taiwan | 509,000 | 21,463 | |||||||
| Samsung Electronics Co., Ltd. |
South Korea | 21,653 | 857 | |||||||
| SK Hynix, Inc. |
South Korea | 125,361 | 16,624 | |||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. |
Taiwan | 4,076,290 | 113,638 | |||||||
| Tata Consultancy Services, Ltd. |
India | 391,123 | 16,437 | |||||||
| Yageo Corp. |
Taiwan | 595,244 | 8,712 | |||||||
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| Total |
206,421 | |||||||||
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| Materials (4.3%) |
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| Grupo Mexico SAB de CV |
Mexico | 2,041,299 | 10,206 | |||||||
| Southern Copper Corp. |
Mexico | 249,974 | 23,363 | |||||||
| UltraTech Cement, Ltd. |
India | 91,615 | 12,278 | |||||||
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| Total |
45,847 | |||||||||
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1
Emerging Markets Equity Portfolio
| Common Stocks (95.5%) | Country | Shares/ Par + | Value $ (000’s) |
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| Real Estate (2.6%) |
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| Aldar Properties PJSC |
United Arab Emirates | 4,926,259 | 11,300 | |||||||
| China Resources Land, Ltd. |
China | 2,934,000 | 9,802 | |||||||
| Godrej Properties, Ltd. * |
India | 238,193 | 5,906 | |||||||
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| Total |
27,008 | |||||||||
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| Utilities (2.6%) |
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| Power Grid Corp. of India, Ltd.India |
8,180,275 | 27,649 | ||||||||
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| Total |
27,649 | |||||||||
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| Total Common Stocks (Cost: $888,060) |
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1,011,910 | ||||||||
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| Preferred Stocks (3.7%) | Country | Shares/ Par + | Value $ (000’s) |
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| Information Technology (3.7%) |
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| Samsung Electronics Co., Ltd. |
South Korea | 1,205,793 | 39,004 | |||||||
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| Total |
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39,004 | ||||||||
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| Total Preferred Stocks (Cost: $49,843) |
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39,004 | ||||||||
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| Total Investments (99.2%) (Cost: $937,903)@ |
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1,050,914 | ||||||||
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| Other Assets, Less Liabilities (0.8%) |
|
8,248 | ||||||||
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| Net Assets (100.0%) |
1,059,162 | |||||||||
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| Investments by Country of Risk as a Percentage of Net Assets: |
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| China |
31.0% | |||
| India |
20.6% | |||
| Taiwan |
15.4% | |||
| South Korea |
9.0% | |||
| Mexico |
5.1% | |||
| Other |
18.1% | |||
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| Total |
99.2% | |||
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| + | All par is stated in U.S. Dollar unless otherwise noted. |
| * | Non income producing |
| Æ | Security valued using significant unobservable inputs. |
| @ | At March 31, 2025, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $937,903 and the net unrealized appreciation of investments based on that cost was $113,009 which is comprised of $187,635 aggregate gross unrealized appreciation and $74,626 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report. |
2
Emerging Markets Equity Portfolio
The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:
Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives
Level 2 - fair value is determined by other significant observable inputs
Level 3 - fair value is determined by significant unobservable inputs
The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.
The following is a summary of the inputs used in valuing the Portfolio’s Investments at March 31, 2025.
| Valuation Inputs | ||||||||||||||||||
| Description |
Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs | |||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||
| Assets: |
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| Preferred Stocks |
$ | — | $ | 39,004 | $ | — | ||||||||||||
| Common Stocks |
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| Consumer Discretionary |
10,556 | 176,297 | — | |||||||||||||||
| Consumer Staples |
18,854 | 20,635 | — | |||||||||||||||
| Energy |
7,463 | — | — | |||||||||||||||
| Financials |
30,046 | 210,278 | — | |||||||||||||||
| Industrials |
9,627 | 84,201 | — | |||||||||||||||
| Information Technology |
8,687 | 197,734 | — | |||||||||||||||
| Materials |
33,569 | 12,278 | — | |||||||||||||||
| All Others |
— | 191,685 | — | |||||||||||||||
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| Total Assets: |
$ | 118,802 | $ | 932,112 | $ | — | ||||||||||||
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Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended March 31, 2025.
3
Abbreviations (unaudited)
Abbreviations that may be used in the preceding statements
| ADR |
American Depositary Receipt | |
| AFC |
Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the underlying loans is lower than the uncapped rate, then the security will pay at the lower rate. | |
| CSTR |
Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral. | |
| IO |
Interest Only Security | |
| PO |
Principal Only Security | |
| RB |
Revenue Bond | |
| CPURNSA |
U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted | |
| IBOR |
Interbank Offered Rate | |
| LIBOR |
London Interbank Offered Rate | |
| SOFR |
Secured Overnight Financing Rate | |
| CME |
Chicago Mercantile Exchange | |
| ICE |
Intercontinental Exchange | |
| FTSE |
Financial Times Stock Exchange | |
| SONIO |
Sterling Overnight Interbank Average Rate | |
| MUTKCALM |
Bank of Japan Unsecured Overnight Call Rate | |
| DAC |
Designated Activity Company | |
| RSC |
Restricted Scope Company | |
| KSC |
Kuwait Shareholding Company | |
| TBA |
To Be Announced | |
| CMT |
Constant Maturity Treasury | |
| OIS |
Overnight Index Swaps | |
| BBR |
Bank Bill Rate | |
| BBSW |
Bank Bill Swap Reference Rate | |
| DIFC |
Dubai International Financial Centre | |
| EURIBOR |
Euro Interbank Offered Rate | |
| PRIBOR |
Prague Interbank Offered Rate | |
| SDR |
Swedish Depository Receipt | |
| ETF |
Exchange Traded Fund | |
| Currency Abbreviations | ||
| AED |
United Arab Emirates Dirham | |
| AUD |
Australian Dollar | |
| BRL |
Brazilian Real | |
| CAD |
Canadian Dollar | |
| CHF |
Swiss Franc | |
| CNH |
Chinese Yuan Renminbi - Offshore | |
| CNY |
Chinese Yuan Renminbi | |
| CZK |
Czech Koruna | |
| DKK |
Danish Krone | |
| EGP |
Egyptian Pound | |
| EUR |
Euro | |
| GBP |
British Pound | |
| HKD |
Hong Kong Dollar | |
| IDR |
Indonesian Rupiah | |
| ILS |
Israeli Shekel | |
| INR |
Indian Rupee | |
| JPY |
Japanese Yen | |
| KRW |
South Korean Won | |
| MXN |
Mexican New Peso | |
| NGN |
Nigerian Naira | |
| NOK |
Norwegian Krone | |
| NZD |
New Zealand Dollar | |
| PEN |
Peruvian Sol | |
| PLN |
Polish Zloty | |
| RUB |
Russian Ruble | |
| SAR |
Saudi Riyal | |
| SEK |
Swedish Krona | |
| SGD |
Singapore Dollar | |
| THB |
Thai Baht | |
| TRY |
Turkish Lira | |
| TWD |
Taiwan Dollar | |
| USD |
United States Dollar | |
| ZAR |
South African Rand | |